Tesco has agreed to divest its Harris + Hoole artisan-style coffee chain, which comes less than four years after investing in its laynch and a few months after securing complete control of the business.
The sale to Caffè Nero is the latest divestment plan of Tesco’s CEO Dave Lewis, reported The Guardian.
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Earlier this month, Tesco divested restaurant chain Giraffe and Dobbies Garden Centres as part of Lewis’ strategy to turn around Tesco’s struggling grocery outlets.
Harris + Hoole was opened in 2012 and Tesco subsequently bought a 49% stake in the chain.
The remaining stake in the coffee chain business was owned by Nick, Laura and Andrew Tolley.
Tesco’s previous CEO Philip Clarke bought a stake in the chain as part of the company’s aim to widen its reach into areas that offer growth opportunities.
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By GlobalDataTesco purchased Giraffe child-friendly restaurants for £50m under the same strategy.
